Chainlink (LINK) preparing for another attempt at breaching $13

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 9, 2020
  • Chainlink has spent the last few months trying to breach a number of resistances on its way up.
  • The coin had a lot of success, but the resistance at $13 proved to be its largest barrier lately.
  • Over the weekend, LINK nearly s쳮ded at breaking it, and it is now preparing for another attempt.

Chainlink (LINK) has had quite a turbulent 2020. In the past 11 months, the project went from $1.8 to $18, only to drop to $8.20, and rise to $13 again. In the last few days, it managed to breach a resistance at $11.50, and even go beyond $13, although a quick correction took it back below this level.

Still, LINK remains quite strong, and it seems to be preparing for another attempt to breach this next resistance.

LINK in 2020

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In January 2020, LINK price was quite low, as mentioned. It sat at what was considered its bottom, at $1.80. The coin started growing alongside the rest of the market during the February surge, only to crash back to $1.8 in mid-March, when COVID-19 fears took over.

After this drop, LINK saw months of slow recovery, which gradually took it up to $4.80, which is the height it saw on February 14th, just as it reached its early-year peak.

The second time LINK climbed this high was in late June, but instead of being rejected again — the coin surged. It broke one level after another with only slight setbacks, eventually reaching its ATH at $19.15.

However, the resistance at $19 eventually managed to push it back down, and the coin dropped to $14. It attempted to go up once more, although it never reached its ATH again, and each try caused a stronger rejection of lower resistances, eventually pushing it all the way down to $8.

This new bottom allowed LINK to stabilize and start another wave of surges, most of which were blocked by a resistance at $11.50. However, it finally managed to break this level in late October, only to hit another one at $13, and see another rejection, this time down to $10.

LINK attempted another surge over this weekend, even managing to breach $13 and surge up to $13.30. The price was rejected once more, and it dropped to $11.50, which now started acting as a support,

Now, LINK is showing signs of another surge, and at the time of writing, the coin’s price sits at $12.45. In days to come, more of the same is likely to happen, unless LINK can gather enough strength to push through $13 and turn this resistance into its newest support.

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